NuStar Energy L.P. (NYSE:NS) Q4 2022 Earnings Conference Call February 1, 2023 11:00 AM ET
Company Participants
Pam Schmidt - VP, IR
Brad Barron - CEO
Tom Shoaf - EVP and CFO
Danny Oliver - EVP, Business Development & Engineering
Conference Call Participants
Theresa Chen - Barclays
Gabriel Moreen - Mizuho
Michael Blum - Wells Fargo
Operator
Good day and thank you for standing by. Welcome to the NuStar Energy Fourth Quarter 2022 Earnings Conference Call. At this time, all participants are in a listen-only mode. [Operator Instructions]
I would now like to hand the conference over to your speaker today, Pam Schmidt, Vice President, Investor Relations. You may begin.
Pam Schmidt
Good morning and welcome to today's call. On the call today are NuStar Energy L.P.'s Chairman and CEO, Brad Barron; our Executive Vice President and CFO, Tom Shoaf; and our Executive Vice President of Business Development and Engineering, Danny Oliver, as well as other members of our management team.
Before we get started, we would like to remind you that during the course of this call, NuStar management will make statements about our current views concerning the future performance of NuStar that are forward-looking statements. These statements are subject to the various risks, uncertainties and assumptions described in our filings with the Securities and Exchange Commission. Actual results may differ materially from those described in the forward-looking statements. During the course of this call, we will also refer to certain non-GAAP financial measures. These non-GAAP financial measures should not be considered as alternatives to GAAP measures, reconciliations of certain of these non-GAAP financial measures to U.S. GAAP may be found in our earnings press release and if applicable, additional reconciliations may be located on the Financials page of the Investors section of our website at nustarenergy.com.
With that, I will turn the call over to Brad.
Brad Barron
Good morning. Thank you, all for joining us today.
I'm excited to tell you about our great fourth quarter and solid performance for full-year 2022, as well as our positive outlook for 2023 and beyond. Let's get started with a few highlights from our fourth quarter 2022 results. We generated $197 million of total adjusted EBITDA in the fourth quarter, 16% higher than adjusted EBITDA in the fourth quarter of '21, and the highest fourth quarter in NuStar's history.
Our pipeline segment EBITDA was up in the fourth quarter by 18% over the same period in '21, thanks in large part to the continued strong performance of our Permian Crude System. Our Permian Systems volumes hit another high in the fourth quarter, handing in a record breaking average of 584,000 barrels-per-day, that's up 13% over the same quarter of last year.